It’s all about swinging the bat month in and month out

LPs don’t pay you to hold cash and find the perfect pitch. It’s seeing thousands of pitches and closing deals that “feel” reasonable.

But sometimes you’ll be wrong. Really wrong. The bell curve includes bad outcomes too. #privateequity

Moses Kagan Adaptive RealtyPartner:

Something I love about the Blackstone story:

Their 3rd-ever deal, for Edgcomb Metals Company, was a complete disaster, wherein they lost 83% of their LPs' equity in ~13 months.

Nevertheless, they went on to become the largest PE firm in the world.

(Note: If we ever lost that much $$, I would want to crawl under a rock & stay there for a while.)